Mortgage Advice Bureau (MAB), the UK's leading mortgage intermediary, was selected as the pilot partner for Barclays' new Fast-Track Remortgage, which launches across the whole market on 7 September.
The Fast-Track Remortgage gives eligible1 customers approaching their product end date an alternative to a product transfer, providing an offer in 24 hours and completion in as little as five days. The proposition is designed for straightforward remortgage cases, offering faster decisions and a smoother, end-to-end journey for clients, subject to individual circumstances and criteria.
For too long, the mortgage industry has grappled with remortgages being lengthy, unpredictable, and stressful for brokers and clients alike. Over the past eight months, MAB and Barclays have worked closely together to examine the pain points throughout the whole journey, developing a proposition that enables eligible clients to be remortgage ready within a matter of days. This takes the stress out of the remortgaging process, giving clients confidence and peace of mind.
The proposition also supports clients who wait until closer to their maturity date. In some cases, depending on individual circumstances, these clients may otherwise have limited options, such as a product transfer or moving onto their lender’s standard variable rate. Fast-Track Remortgage is also designed to help preserve the opportunity to remortgage. This can help eligible clients can take advantage of the wider options available to secure the most suitable product for them.
Rachel Geddes, Strategic Lender Relationship Director, Mortgage Advice Bureau, said: "Barclays' Fast-Track Remortgage gives advisers a competitive edge at the point of mortgage renewal, helping eligible clients move from often lengthy remortgage processes to a much smoother journey. Ultimately, it's about enabling brokers to secure the best possible outcome for every client, whether they plan well ahead or approach us closer to their end date. We're excited to be at the forefront of a proposition that makes a real difference for both clients and brokers and look forward to seeing the impact this has as it rolls out."
Peter Brodnicki, CEO, Mortgage Advice Bureau, commented: "This partnership with Barclays is exactly the kind of innovation we want MAB to be driving in the market. Piloting the Fast-Track Remortgage gives our advisers real tools to compete at the point of renewal, and we're proud of what our teams have built together to make that happen. It shows what's possible when MAB's reach meets a lender partner that's eager to innovate alongside us."
Victoria Thompson, Head of Strategic Partnerships Barclays, added: “We have designed Fast-Track prove a real alternative to product transfers and a more straightforward route to remortgaging with Barclays. Collaborating with MAB has been hugely beneficial – by working closely together and listening to invaluable feedback from brokers, we have been able to test and refine the proposition, which has helped us tackle one of the industry’s longstanding challenges.”
